Economic situation
The Republic of Equatorial Guinea is located in central Africa, on the west coast of the continent. The country consists of the mainland and islands in the Gulf of Guinea. The country was a colony of Spain, and detached from the metropolis in 1968. In the 1980s, as a result of geological exploration, significant reserves of oil and gas were discovered in the subsoil, which ensured rapid development of the country's economy and its transformation from agriculture and farming to mining and oil refining, which now form more than 90 percent of the state budget revenues.
Equatorial Guinea is rich in resources. Besides oil and gas, the country has reserves of titanium, iron ore, uranium and manganese. Moreover, Equatorial Guinea is a leader in bauxite reserves and has deposits of gold and diamonds. At the moment, these industries are not fully developed, but the trend towards their development continues.
At the same time, agriculture and fishing remain significant parts of the economy of Equatorial Guinea. Some crops are used in the country, while others are exported, such as coffee and cocoa, as well as bananas and coconuts.
Recently, the Government of Equatorial Guinea has expressed a desire to diversify the economy. These policies include strengthening agriculture, developing infrastructure and increasing investment in other sectors. In addition, Equatorial Guinea sets the task of developing the social sphere – improving the quality of life of the population and creating favorable conditions for business development and investment.
Currently, a project is being implemented in Equatorial Guinea to build a new capital, which is intended to replace Malabo in this status. The city is located in the east of the mainland and was formerly called Oyala, but was renamed Ciudad de la Paz in 2020. The initiative to move the capital belongs to the country's President. It is assumed that the new capital will combine new trends in architecture and traditional cultural elements, promoting the identity of the city. It is expected that renewable energy sources will play a greater role in urban development.
International cooperation
In the field of foreign policy, Equatorial Guinea proceeds from the principles of neutrality, inter-African solidarity and non-interference in the internal affairs of other states. In its approach to major international problems, it is guided by the positions of the African Union and the Economic and Monetary Community of Central Africa. A special role is given to cooperation with the countries of Africa and Latin America.
The main foreign economic partners of Equatorial Guinea are China, India, Spain and the USA.
In addition, the country actively participates in regional and international diplomatic efforts: it is a member of the United Nations, the African Union, the Economic Community of Central African States and other organizations, which allows it to participate in various development, security and diplomacy projects.
Equatorial Guinea's international cooperation is also manifested through cultural and educational initiatives. The country cooperates with various universities and research centers, carrying out the exchange of students and scientists. In addition, Equatorial Guinea actively participates in international cultural events and festivals.
Bilateral economic relations
Equatorial Guinea's main goal is to achieve economic independence, including by strengthening relationships and ties with Belarus, especially through industrial cooperation.
In June 2023, the Minister of Foreign Affairs of the Republic of Belarus Sergei Aleynik paid a visit to the Republic of Equatorial Guinea, during which the parties confirmed their mutual interest in developing interstate contacts. Close attention was paid to interaction in the economic sphere, including agriculture, industrial cooperation, food production, healthcare, and other areas. The negotiations resulted in a joint statement of agreements signed, including on the development of political dialogue, as well as cooperation in the areas of trade, economy and investment, food security, healthcare, medicine, education, science and technology, the petrochemical sector, security, and other sectors. The parties outlined practical steps to expand the contractual and legal framework of bilateral relations.
In September 2023, the President of the Republic of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, arrived on an official visit to the Republic of Belarus. The central part of the visit was negotiations with the Belarusian President, Aleksandr Lukashenko. As a result of the official meeting and narrow and extended format negotiations, a package of bilateral documents was signed aimed at developing relations across a wide spectrum – from economy to the humanitarian sphere.
Also, the delegation of Equatorial Guinea, as part of an official visit to Belarus, visited a joint exhibition of products from enterprises of the Ministry of Industry of Belarus, which was organized at the Minsk Tractor Works. The exhibition featured products from MTW, MAZ, Gomselmash, Lidselmash, MMZ, AMKODOR, BELAZ, and other industrial flagships. The guests highly praised the Belarusian equipment.
In December 2023, the President of the Republic of Belarus paid a return official visit to Equatorial Guinea. The heads of state signed a package of documents aimed at developing cooperation in various fields. In the capital city of Malabo, which is located on the island part of the country, official negotiations were held with President Teodoro Obiang Nguema Mbasogo. Their main result was the signing of a roadmap for the development of bilateral cooperation. The document covers 15 key areas of interaction, including cooperation projects, supplies and maintenance of Belarusian equipment, agriculture, healthcare, pharmaceuticals sector and the sale of medical equipment, forestry. The road map has been designed for 2024–2026.
There is also a kind of a roadmap for inter-chamber cooperation. Chairman of the BelCCI Mikhael Miatlikov took part in the visit of the Belarusian delegation to Malabo, which preceded the highest-level visit. During the final meeting following the results of this visit on November 15, a cooperation agreement was signed between the BelCCI and business associations of Equatorial Guinea – the Official Chamber of Commerce of the Continental Region and the Chamber of Commerce of the Island Region.
The agreements determine the interaction of organizations to assist the business circles of Belarus and Equatorial Guinea in the development of business ties and the expansion of mutually beneficial cooperation. The BelCCI and the Chambers of Commerce of Equatorial Guinea agreed to assist each other in organizing business missions, business contacts of entrepreneurs, in holding exhibitions, fairs, conferences, seminars and other events in order to familiarize the business community with the economy and export opportunities of the Republic of Belarus and the Republic of Equatorial Guinea, to exchange commercial proposals, lists of potential partners, information about congress and exhibition events in the two countries, and to cooperate in other areas within their competencies.
Promising areas of cooperation between Belarus and Equatorial Guinea
Cooperation between the Republic of Belarus and the Republic of Equatorial Guinea represents great potential for both countries. The areas of interaction include education, healthcare, agriculture, science and technology.
Belarus and Equatorial Guinea can cooperation in the field of education, especially in the exchange of students, teaching staff and the development of joint educational programs. Agreements were reached on advanced training of teaching staff and on visiting Belarusian universities by a delegation from Equatorial Guinea in order to develop specific proposals for interuniversity cooperation. This can promote knowledge exchange and strengthen academic ties between the two countries.
In addition, there is potential for cooperation in the field of agriculture and the food industry. Belarusian technologies and experience in agricultural production can be useful for the development of agriculture in Equatorial Guinea. Thus, the construction of grain drying complexes for storing and drying grain, the supply of various automotive equipment, road construction equipment, Belarusian mining dump trucks, diesel generator and compressor stations, and industrial diesel engines are very promising areas.
In the field of medicine and healthcare, cooperation can be aimed at the exchange of medical knowledge, training of medical personnel and the development of appropriate infrastructure. This could help improve the quality of healthcare in Equatorial Guinea. In addition, the issues of training specialists to service medical equipment in the country's healthcare institutions are actively discussed, and possible projects to meet the interests of the two countries have been proposed for discussion.
Moreover, joint scientific and technical research, exchange of experience in the field of innovation and technology will develop the scientific base and technological progress in both countries.
Thus, Equatorial Guinea is of interest to Belarus both from the point of view of developing trade relations and implementing joint projects. The existing potential for bilateral interaction is of particular relevance in the modern context of searching for new markets and diversifying the economy.
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